Zuckerberg appearance helps propel stock above $20 for first time in 4 weeks
Facebook shares closed at $20.93 today, up more than 7.7 percent since Tuesday when CEO Mark Zuckerberg appeared for an interview at TechCrunch Disrupt SF.
Zuckerberg took the stage after market hours ended Tuesday, but shares were up 3 percent in after-hours trading. Today the stock gained $1.50, bringing it above $20 for the first time in four weeks. Investors seemed to gain some confidence in Facebook after Zuckerberg spoke candidly and confidently about the company’s mobile future and eventual foray into search.
Zuckerberg has avoided public appearances and interviews over the past year, and his silence likely contributed to some of the uneasiness investors felt about the company. The stock, which was priced at $38 at the time of Facebook’s initial public offering in May, fell as low as $17.67 last month following the end of the first lock-up period. Even with today’s rise, shares are trading below 40 percent of their offering price. However, Facebook has recently been active in expanding its mobile monetization efforts and testing a new search-based advertising option. Zuckerberg said in his interview Tuesday that the company has many more products and feature to launch later this year.
Also today, Apple executives touted the Facebook integration in the new iPhone 5 and iTunes App Store, which may have also helped buoy the social network’s stock.
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